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CHIEF JOSEPH OGOLO v. INTERNATIONAL MERCHANT BANK (NIGERIA) LTD.

(1995) JELR 91505 (CA)

Court of Appeal  •  CA/PH/269/91  •  27 Jun 1995  •  Nigeria

Coram
DENNIS ONYEJIFE EDOZIE, J CA. (Presided) RAPHAEL OLUFEMI ROWLAND, J.CA. MORONKEJI OMOTAYO ONALAJA, J.C.A. (Read the Leading Judgment)

Judgement

ONALAJA J.C.A. (Delivering the Leading Judgment): The plaintiff now respondent in this appeal is a company incorporated in Nigeria and carries on banking business throughout the Federal Republic of Nigeria with many branches with one located in Port Harcourt.

Among the customers of the Respondent in Port Harcourt is the defendant now appellant in this appeal. In the course of banking business as banker/customer the appellant applied and was granted loan to the tune of N300,000.00 to enable appellant develop his landed property situate at Oroworukwo Layout which loan was granted at an agreed interest rate. A deed of Legal Mortgage was raised to secure the said loan. A tripartite Domiciliation Agreement was made between the Rivers State University of Science and Technology who were the tenants, the appellant and respondent whereby it was agreed that the tenants should pay the rent due on the properties over to the plaintiff. Eventually the repayment of the loan with interest did not work…

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